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Reaping the Benefits of Financial Globalization

Author/Editor: Dell'Ariccia, Giovanni | di Giovanni, Julian | Faria, André | Kose, M. Ayhan | Mauro, Paolo | Schindler, Martin | Terrones, Marco | Ostry, Jonathan David
Published: December 16, 2008
Electronic Access: Link to Abstract
Electronic Access: Link to Table of Contents

Summary: Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and developing countries experienced more moderate increases. Divergences across countries stem from different capital control regimes, and factors such as institutional quality and domestic financial development. Although, in principle, financial globalization should enhance international risk sharing, reduce macroeconomic volatility, and foster economic growth, in practice its effects are less clear-cut. This paper envisages a gradual and orderly sequencing of external financial liberalization and complementary reforms in macroeconomic policy framework as essential components of a successful liberalization strategy.
 
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Series: Occasional Paper No. 264
Subject(s): Capital controls | Cross country analysis | Economic growth | Economic integration | Financial management | Fiscal policy | Fiscal reforms | Fiscal stability | Globalization | Risk management
 
English  
    Published:   December 16, 2008        
    ISBN/ISSN:   978-1-58906-748-6   Format:   Paper
    Stock No:   S264EA   Pages:   52
    Price:   US$33.00 (Academic Rate: US$31.00 )
       
     
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